Glory closes third renminbi fund at $96m
Chinese early-stage investor Glory Ventures has closed its third renminbi-denominated fund at RMB682 million ($96 million) and also reached a first close of its second US dollar vehicle.
The size of the first close for the US dollar fund - which has an overall target of $100 million - was not disclosed. It has taken Glory six months to reach the first close, while the entire fundraising process for the renminbi vehicle was about 12 months. The latter closed in December 2019. Glory's total assets under management now stand at approximately RMB1.5 billion.
LPs in the two funds include a host of Chinese venture capital firms, including Gaorong Capital, Morningside Venture Capital, Lightspeed China Partners, and Sky9 Capital. Additional commitments came from fund-of-funds such as CICC Qiyuan National Emerging Industry Venture Capital Guidance Fund and Gopher Asset Management, as well as government-related investors like Shanghai Science & Technology Venture Capital and Suzhou-based Xiangcheng Financial Holdings.
According to AVCJ Research's records, Glory closed Suzhou Glory Jinqu Venture Capital Fund in 2018 with RMB700 million in commitments.
Founded in 2015, Glory is a cross-border venture capital firm active in China and Israel. Zongyi Bai, a co-founder, was previously an investment director at Infinity Equity Capital, a VC firm based in Israel.
Bai and Guang Yang, his fellow founding partner, said that Glory has a differentiated positioning within the China market. The firm focuses on the new generation of IT start-ups, claiming to bring global insight and technical insight. It prioritizes high technical barriers to entry and commercial capabilities in businesses.
Bai believes that the major opportunities are in upgrading IT systems and restructuring global technology supply chains. Glory is interested in enterprise solutions and the internet of things (IoT), specifically data capture, transmission and storage and cloud computing with application scenarios across industrial manufacturing, consumer electronics and data communications.
It has previously invested in Neolix, an unmanned distribution start-up, Roadstar.ai, an autonomous driving start-up, Vertilite, a manufacturer of high-power and high-speed lasers, and Opnous, an artificial intelligence specialist, among others.
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